National Small Business Summit 2019 hosted by COSBOA

The Block Ledger Team were pleased to attend this year’s National Small Business Summit hosted by the Council of Small Business of Australia (COSBOA). Held at the Sofitel Melbourne, the Summit was designed to showcase industry advancements and allow regulators, leaders and policymakers together to overcome challenges constraining Australian small businesses. Some of the guests included; Chris Jordan, the Commissioner for the ATO, Kate Carnell, the Small Business Ombudsman, and Angus Taylor, the Minister for Energy.

As evident through the event, long payment times are becoming one of the greatest challenges for the Australian Economy. On average, it takes 55 days from the date of invoice to get paid. This creates a significant cashflow issue for many small businesses, having been identified as a major cause of failure. This has resulted in the Business Council of Australia, along with COSBOA, establishing the Supplier Payment Code, an initiative where signees agree to 30-day payment terms.

This is where we come in!

The LUCA+ e-invoicing platform removes the need for manual invoice processing and projects future cashflows based on your receivables, meaning businesses can understand their clients’ payment times and other influences on their revenue. LUCA+ also indicates if your customers they are signees to the Supplier Payment Code, meaning businesses can be confident in their receivables.